S&P Avoids Record Highs, On Weak Technology

The S&P 500 slipped from record volatile trading levels on Wednesday amid a sell-off of tech stocks, as investors digested the first batch of corporate earnings that far exceeded expectations.

The Dow Jones Industrials fell quickly from its day high, but still registered 53.62 points in the green to close at 33,730.89 on Wednesday.

The S&P 500 lost 16.93 points to 4,124.66, after hitting a new record earlier in the session.

The NASDAQ Composite fell 138.26 points, or 1%, to 13,857.84.

Coinbase’s much-watched direct quote on Wednesday opened at $ 381 on the Nasdaq and climbed to $ 429, but shares quickly fell and closed at $ 328.28. As Coinbase shares reversed lower, bitcoin fell 1.5% to around $ 61,930, from a record high of over $ 63,800.

Crypto investors hailed the company’s debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.

Tesla, a holder of bitcoin and a speculative tech game, fell almost 4%. Netflix and Facebook fell more than 2% each, which Amazon, Microsoft and Apple all fell by at least 1%.

Strong bank earnings helped support sentiment on Wednesday. Goldman Sachs shares jumped more than 2% after the bank beat analysts’ expectations with net earnings and record first quarter income thanks to strong performance in equity and investment banking trading units of the society.

JPMorgan Chase beat analysts’ estimates on the upper and lower lines, helped by a profit of $ 5.2 billion from the release of money he had previously set aside for loan losses that never rose. not developed. However, JPMorgan shares fell 1.8%, reducing its 2021 gains to 19%.

Wells Fargo also reported earnings and revenue that exceeded expectations for its first quarter. The stock gained 5.5%.

In other news, Federal Reserve Chairman Jerome Powell said on Wednesday that the central bank would cut its bond purchases likely well before raising interest rates.

The US Department of Labor’s consumer price index came in slightly warmer than expected on Tuesday. The CPI rose 0.6% from the previous month, but 2.6% from the same period a year ago. Economists polled by Dow Jones predicted the overall index will rise 0.5% month over month and 2.5% year over year.

10-year Treasury bill prices lost some ground, pushing yields to 1.63% from 1.62% on Tuesday. Treasury prices and yields move in opposite directions.

Oil prices gained $ 2.74 to US $ 62.92 per barrel.

Gold plunged from $ 10.60 to US $ 1,737.00 an ounce.

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